The National Company Law Appellate Tribunal (NCLAT) has halted insolvency proceedings against Deccan Charters until April 26, 2024. This decision comes after a plea by Sanjay Saihgal, a director of the company’s suspended board, prompting the tribunal to direct creditor Krone Finstock to respond within four days. Deccan Charters, owned by Captain GR Gopinath, faced insolvency following a claim of default by Krone Finstock. The tribunal’s stay suspends further action, including the Corporate Insolvency Resolution Process (CIRP), until the next hearing.
Legal Stay Granted: Deccan Charters’ Insolvency Proceedings Paused Until April 26
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/04/13112404/1691761580-97231-ezgif.com-avif-to-jpg-converter.jpg)